Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • A Frayed Knot
    • By A Frayed Knot 8th Jun 15, 11:34 PM
    • 2,485Posts
    • 11,141Thanks
    A Frayed Knot
    Was Mortgage Free until 52!!!
    • #1
    • 8th Jun 15, 11:34 PM
    Was Mortgage Free until 52!!! 8th Jun 15 at 11:34 PM
    I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage.

    A bit about me, took the plunge and bought a house age 50 plus by myself, everyone asked "Are you mad?" But thought - I can do this.

    Bought at auction, so got a bit of a bargain (the only way I could afford a mortgage) and had what I would call (in my terms) a nice deposit. Took out an 80% mortgage, and lenders would only give me an 18 year term, 2 years fixed at 4.5%, so in my eyes I have already knocked 7 years off my mortgage - how's that for positive thinking?

    I'm now 3 years down the line and have already made the classic mistake, did not renew my fixed term after the 2 years (and still haven't) as it reverted to 3.99% which was lower than I was paying and on making my first large overpayment, they reduced my monthly payments Little did I know what I know now. So its time to get my mortgage in order.

    I have about a years mortgage savings - and about 3 years mortgage payments out on loan at the moment.

    I pay a minimal 45.00 into an isa every month, but was thinking of adding this to my monthly mortgage payments when I remortgage thus reducing the years even further. What do you think?

    I work full time and overtime is available for the moment although I never accept, as I go in early and stay late - could class that as overtime,

    As you can tell, I'm a bit obsessed with overpayments, but well - you can see my point - at my age, want to be "mortgage free" asap.

    My Motivation Madness;
    I have a simple method to keep me motivated, only thing is to explain I make it sound complicated and only works if you have a sub account as well, but you could adjust to suit yourself.
    • "Always have 0.00 at the end of your mortgage"
    • This way the least/most you will pay is 1p or 9.99
    • On flush days you could go for 00.00 at the end or even 000.00
    I know, I know, I need to get out more Good Luck whatever you decide.
    Last edited by A Frayed Knot; 10-05-2018 at 8:28 PM.
Page 81
    • bexster1975
    • By bexster1975 6th Sep 18, 8:38 PM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Hello!

    Certainly being more financially comfortable altered my attitude to jobs

    I feel very lucky to be where I am currently. There is only one piece of the puzzle missing now - but I've begun work on that too. More on that another time when there is more to tell.

    Just think how different your life could be this time next year!!

    Bexster

    PS pot pics will appear over time
    • A Frayed Knot
    • By A Frayed Knot 13th Sep 18, 8:14 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Yipee !!! A whole 4 days off work , only to work on another project !!!

    Taking stock, and re-grouping my energy for the next 3+ months. Going to work my wee socks off,
    in the hope of managing the impossible - time will tell.

    SJ - have my finger "hoovering" again but this time only a small amount, will make a decision possibly over the weekend

    Accounts, well and truly need updated, I have not been keeping note, just throwing an o/p here and there when the mood takes another job to work on - if I get the time.

    2 weeks since payday and 2 weeks till another, glad its a 4 week(er) as that last week of last month
    was one of the worst - ever.

    Things must be looking up as I actually managed to get inbetween the festive and New Year off
    might have had something to do with my mentioning the chaos last year - "I was robbed"

    Another job on the list is to get a new fix for my mum - her utilities have now doubled since the fix ended

    I need to learn to swim - fast.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 14th Sep 18, 9:42 AM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Hello AFK! 4 days off! Lucky duck! Sounds like you have loads to do.

    Great news about Christmas hols. Looking forward to seeing updated numbers. Are you working on your sideline whilst off? Don't forget meerkat if searching for a new fix. I have quite recently done mine as was about to see my DD almost double. Now down to two pound a month more than my last fix, and I think that will still leave me in credit so all good.

    Hope you find some time to rest over your break


    Bexster
    • A Frayed Knot
    • By A Frayed Knot 3rd Oct 18, 10:53 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    At Last . . . accounts done (more or less) but I do have an excuse for waiting to reveal the figures.

    I stole, ooops, I mean "borrowed" cash I had lying for my 0% CC and thought it only right to reveal the figures once I had "paid back" the borrowing. Now done and figures reveal

    August o/p 606.90

    September o/p 1935.55 (Don't ask)

    Oct o/p 226.21 - so far

    Also received 9 from P/c and 60 odds from shares I have (not yet o/p)

    Still keeping to my mantra of having 00.00 at the end of my mortgage and its working exceptionally well for me.


    Interest charged this month was about 11
    Let's see what happens.



    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 4th Oct 18, 8:02 AM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Amazing progress AFK!

    How's the side hustle going?

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 5th Oct 18, 7:40 AM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Thanks Bexster.

    Still a way to go, though. wishing I was paid same amount in my salary every week instead of every month (Just till Christmas) that would help a lot Oh, the very thought . . .

    Side line helping although have plans (atm) is to finish it in around 6 months time, having said that (I know it will be a good while longer to completely finish it off) when it will be decision time for some kind of major change.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 5th Oct 18, 8:31 AM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Oooohhh! Amazingly cryptic!

    Keep that Christmas spending under control

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 5th Oct 18, 9:17 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Like to keep you guessing
    plus the fact I have learnt never to mention much, for, if I do - will they ever materialise

    I have always been good at keeping Christmas spending reasonable.

    What's happening with you? found that missing piece of the puzzle, yet? or is it a work-in-progress?

    Just checked my mortgage account and it's not yet showing my overpayments I made on the 3rd
    really wanted to see my balance as I think I made a schoolgirl error when o/p and not allocating it to the account that has interest added

    I need to pay attention more.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 5th Oct 18, 9:40 PM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Hello

    I think missing piece is almost found! Watch this space......

    Work is going well. I have enough in my account now to pay bills until Jan 1st so that's a nice bit of breathing space. Have picked up some great work. Time is being used on missing piece search, but all for the greater good in the end I hope.


    Have a great weekend xx

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 6th Oct 18, 8:00 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Right, just because I'm cryptic, doesn't mean you have to be

    but it's good fun. Good to hear you are still picking up work
    and that bank balance is giving you a bit of breathing space.

    Enjoy your "missing piece" tell them I was asking after them , and have a great weekend too
    Last edited by A Frayed Knot; 06-10-2018 at 8:13 PM.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 6th Oct 18, 8:04 PM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Lol! I think if you are being cryptic, it's only fair!!

    I will tell him. Thank you. I'm delighted with how things are going currently. Don't want to say to much on any front for fear of jinxing!

    Have a lovely Sunday!

    Bexster
    • A Frayed Knot
    • By A Frayed Knot 7th Oct 18, 7:17 AM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    Great minds think alike.

    Never really want to disclose my plans, for fear of jinxing, as has happened far too much in the past.

    You two (see what I done there) have a lovely Sunday.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • A Frayed Knot
    • By A Frayed Knot 11th Oct 18, 9:07 PM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    I have just written some thoughts and figures for my info to look back on.

    If I left my mortgage and just let them take what they ask, I would be finishing exactly 10 years early in Feb 2020. Gosh, to actually type that - it's a shock. I still don't think I realise what I have nearly done.

    However that date was pushed/brought forward by some 3 months making it Dec 2019 - due to a challenge, thanks Bexster.

    Last Oct/Nov I came out of my 2nd and final deal which had a lovely interest rate of 1.79% but jumped to 4.24% doubling my interest being added on. Since then been chipping away every chance I get.

    I'm in the position now that I could "borrow" my 0% c/c stash and pay it all off, but would I be able to replace before bill is due. Need to be 100% sure before I pressed the button, and don't feel that's the right way to do it.

    Feel the need to clear the c/c before the final splurge on the Mortgage.

    Glad I have written all this down and can now see that I am not as far on as I think I am, its one thing being mortgage free but I need to have paid every penny back before feeling totally owing money free.

    Patience. (Can you buy it ?)
    Last edited by A Frayed Knot; 11-10-2018 at 9:20 PM.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • bexster1975
    • By bexster1975 11th Oct 18, 11:21 PM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    All your own work AFK! No plaudits for me

    How much do you owe on CC? I wouldn't pay off mortgage with 0% CC just because you have ants in your pants!

    Do you have an emergency fund set up? Your " escape plan" cash building? Seriously, 14 months will fly by in an instant, and then it will all be done. Forever. No paying to live in a home. Oh what freedom awaits you, young Jedi

    I have zero spare patience for you, nor do I know where you may procure some sadly.

    Onwards and upwards AFK, I can see the light at the end of the tunnel up ahead....

    Bexster
    • Hazelnutty
    • By Hazelnutty 12th Oct 18, 7:25 AM
    • 59 Posts
    • 170 Thanks
    Hazelnutty
    That's amazing AFK!
    • A Frayed Knot
    • By A Frayed Knot 13th Oct 18, 6:46 AM
    • 2,485 Posts
    • 11,141 Thanks
    A Frayed Knot
    C/C due to be paid mid Jan, so the 1,000 I "Borrowed" will be replaced by then, plan is to o/p the c/c instead of the mortgage

    BUT I want both (which will happen to an extent).

    Emergency fund for the moment is bank of mum or the stash for the c/c repayment - as I could always balance transfer to another 0% c/c if the worst came to the worst. Once mortgage gone emergency fund will rise rapidly (if I keep working ).

    As for the rest - plenty sitting waiting for me to claim, trying very hard to leave it alone, but thoughts atm will be to claim it once I either stop or drop my working hours - could claim now but hate the thought of handing over all that tax

    So plenty awaits, just had the last week wondering what it's all about, as had really bad news from a relative (not that much older than me) a fortnight ago and now they are no longer here.

    Hit hard and gave me a lot to think about. Wobble over.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Kittenkirst
    • By Kittenkirst 13th Oct 18, 8:19 AM
    • 1,983 Posts
    • 10,663 Thanks
    Kittenkirst
    Sorry to hear about your relative AFK x
    2018 MFW #20 - OP 3222.90/ 3000 107%
    Aug: 461.02 Sept: 10 Oct: 212.02

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • bexster1975
    • By bexster1975 13th Oct 18, 8:45 AM
    • 1,275 Posts
    • 6,058 Thanks
    bexster1975
    Hi AFK

    Really sorry to hear about relative. It is these things that make us re-evaluate. Just think, even if you don't overpay, you are done with the mortgage next December. How incredible is that?! Unless you need it, I'd agree with leaving cash where it is rather than take tax hit.

    Reducing hours at work will never be a mistake once the mortgage has gone. I was only getting to a friend yesterday who went part time in September as a teacher and she said it's been amazing. Another colleague went PT at the same time and he has said its allowed him to get his life back ( he has young children).

    I think you have done an amazing job, and know that you will make all the right choices for you.

    Hope you have a peaceful weekend

    Bexster
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,013Posts Today

8,365Users online

Martin's Twitter
  • Agreed but by marketing it as cough specific people think there's something extra so they buy this rather than gene? https://t.co/hATY3W8Yia

  • Good news for those aggressively criticising this poll and trying to pull it apart. I've just got off a 3 way call? https://t.co/Pu750aktyg

  • a) I dont believe it is misleading b) I don't believe my poll is badly worded, and certainly don't know it is. If? https://t.co/0DduzIaHBk

  • Follow Martin